Exact Sciences gets $24.5 million in Genzyme deal

Colon cancer test developer Exact Sciences Corp. sold some of its intellectual property and 3 million shares of stock to biotechnology company Genzyme Corp. for $24.5 million in cash.

Sequenom Inc., which offered to buy Exact Sciences earlier this month, dropped its bid in response.

Late Tuesday, Marlborough, Mass.-based Exact Sciences said Genzyme will buy intellectual property related to prenatal and reproductive health. Exact Sciences will receive sublicense income if Genzyme develops products from the intellectual property that is not in the fields of prenatal or reproductive health.

Exact Sciences is keeping the licensing rights to its colorectal cancer screening and stool-based DNA testing technology, which has been its primary focus.

Cambridge, Mass.-based Genzyme will own about 11 percent of the company. Exact Sciences had 27.3 million shares as of Nov. 3, 2008.

Sequenom, a genetic analysis instrument maker based in San Diego, tried to buy Exact Sciences earlier in January. It offered $41 million, or $1.50 per share. Exact Sciences rejected that bid, and said it was pursuing a more valuable option.

In premarket trading, shares of Exact Sciences surged 50 cents, or 33.6 percent, to $1.99. The stock finished at $1.49 Tuesday.